引入互联网资本市场（ICM）：筹集资金的新范式

互联网资本市场（ICM）是传统资本市场（TCM）的加密本地替代品，它允许企业家直接从在线筹集资金

Author: Mario @IOSG

作者：Mario @IOSG

TL;DR:

tl;博士：

The Internet Capital Market (ICM) is a crypto-native alternative to the Traditional Capital Market (TCM), which allows entrepreneurs to raise funds from the online community through tokenization, bypassing cumbersome procedures like venture capital and initial public offerings (IPOs). Platforms like Believe App (formerly Clout) are spearheading this change on the Solana chain, where users can easily issue and invest in projects by simply @ing the platform on X (formerly Twitter).

互联网资本市场（ICM）是传统资本市场（TCM）的加密本地替代品，它使企业家能够通过令牌化从在线社区筹集资金，绕过了繁琐的风险投资和首次公共产品（IPO）（IPO）的繁琐程序。像Levely App（以前的影响力）这样的平台率先在Solana链上率先进行了这一变化，在这里，用户可以通过仅 @ @ @在X上（以前是Twitter）上的平台来轻松发行和投资项目。

Despite criticisms regarding lack of regulation, low entry barriers, and the potential for personas to easily release "scam" tokens or projects with no true aim other than to generate hype, ICM still holds strong potential for mass adoption due to Believe's simple user experience, fiat payment gateways, and viral narratives that are attracting a large number of Web2 users.

尽管批评缺乏监管，低入口障碍以及角色轻松释放“骗局”令牌或没有其他目标的项目的潜力，但由于相信简单的用户体验，FIAT支付网关和吸引大量Web2用户的病毒叙事，ICM仍然具有强大的大规模收养潜力。

In order to achieve long-term development, platforms like Believe need to quickly jump out of the short-term hype stage and promote founder accountability mechanisms, optimize token economic models, build DAO governance, and achieve real utility, so as to truly transform ICM from a meme craze to a new capital formation paradigm.

为了实现长期发展，像这样的平台认为，需要快速跳出短期炒作阶段，促进创始人的问责机制，优化令牌经济模型，建立DAO治理并实现真正的效用，从而真正将ICM从模因热潮转变为新的资本形成。

Background of traditional capital markets

传统资本市场的背景

In the traditional capital market (TCM), entrepreneurs often rely on expensive and time-consuming financing methods such as initial public offerings (IPOs) or venture capital, which itself presents many challenges.

在传统的资本市场（TCM）中，企业家通常依靠昂贵且耗时的融资方法，例如首次公共产品（IPO）或Venture Capital，本身提出了许多挑战。

From the perspective of financing, entrepreneurs need to deal with lengthy application processes, complex legal procedures, and constantly cater to investors' preferences, which often prevents them from focusing on product development or community building.

从融资的角度来看，企业家需要处理冗长的申请流程，复杂的法律程序，并不断迎合投资者的偏好，这通常阻止他们专注于产品开发或社区建设。

From the perspective of investors, early investment opportunities are basically monopolized by large institutions, such as hedge funds, mutual funds, etc. Ordinary investors can hardly get a share and often have to wait until the project valuation soars before they can enter the market.

从投资者的角度来看，早期的投资机会基本上是由对冲基金，共同基金等大型机构垄断的。普通投资者几乎无法获得份额，并且经常必须等到项目估值飙升，然后才能进入市场。

This model is not only inefficient and lacks openness, but also leads to a serious misalignment of incentives between creators and supporters. These structural problems reflect the capital market’s urgent need for a more open, direct, and participatory financing method, which is exactly the core problem that the Internet Capital Market (ICM) wants to solve.

该模型不仅效率低下，而且缺乏开放性，而且导致创造者和支持者之间的激励措施严重损失。这些结构性问题反映了资本市场迫切需要采用更开放，直接和参与式融资方法，这正是互联网资本市场（ICM）想要解决的核心问题。

Direct listing is a more cost-effective way to raise funds, which skips the expensive and time-consuming intermediary process in the traditional financing process and provides entrepreneurs with a new option. Internet Capital Markets (ICM) is similar to direct listing in many ways, but in theory has more advantages because entrepreneurs raise funds directly through the blockchain.

直接上市是一种筹集资金的更具成本效益的方式，它在传统融资过程中跳过了昂贵且耗时的中介流程，并为企业家提供了新的选择。互联网资本市场（ICM）在许多方面都类似于直接上市，但是从理论上讲，它具有更大的优势，因为企业家直接通过区块链筹集资金。

What is ICM

什么是ICM

ICM is a new narrative in the crypto industry. It allows entrepreneurs to raise funds for their products or projects directly through the Internet, without having to go through the cumbersome processes in the traditional capital market. They only need to tokenize their ideas to get immediate support from investors.

ICM是加密行业的新叙述。它允许企业家直接通过互联网为其产品或项目筹集资金，而不必经历传统资本市场中繁琐的流程。他们只需要将自己的想法引导，即可获得投资者的立即支持。

Unlike the traditional market, where investors’ shares are usually held in custody by banks or securities firms, in the ICM model, investors directly hold their own funds (token assets) through self-custody wallets, fully controlling the ownership and liquidity of assets. This approach not only significantly lowers the threshold for ordinary people to participate in investment, but also allows project parties to obtain start-up funds more efficiently.

与传统市场不同，在ICM模型中，投资者的股票通常由银行或证券公司拘留，投资者直接通过自客户钱包直接持有自己的资金（代币资产），从而完全控制资产的所有权和流动性。这种方法不仅显着降低了普通人参与投资的门槛，而且还允许项目各方更有效地获得启动资金。

ICM Ecosystem Status

ICM生态系统状态

It is worth noting that the concept of ICM is not just an experimental attempt at a product narrative, it is highly consistent with Solana’s own strategic direction. According to a market memorandum issued by the Solana Foundation on November 27, 2024[19], the Foundation proposed the vision of building an “Internet-native version of Nasdaq” - anyone with a wallet and an Internet connection can participate in the capital market.

值得注意的是，ICM的概念不仅是对产品叙事的实验尝试，而且与Solana自己的战略方向高度一致。根据索拉纳基金会（Solana Foundation）于2024年11月27日发布的市场备忘录[19]，基金会提出了建立“纳斯达克互联网版本的互联网版本”的愿景 - 任何具有钱包和互联网连接的人都可以参与资本市场。

The memorandum paints a picture of the future: financial assets such as stocks, real estate, and cultural tokens can be freely accessed and traded by anyone at any time through a globally shared blockchain ledger, thus eliminating many barriers and restrictions in traditional finance.

该备忘录描绘了未来的图片：股票，房地产和文化代币等金融资产可以随时通过全球共享的区块链分类帐来自由访问和交易，从而消除了传统财务的许多障碍和限制。

The current leader of the ICM ecosystem is Believe App (formerly Clout) on Solana. This platform allows founders to directly issue their own tokens by @ing an account on X (formerly Twitter). It attempts to subvert the traditional venture capital model and provide a decentralized, community-driven alternative that allows creators and entrepreneurs to take the initiative.

ICM生态系统的现任领导者是Solana上的App（以前是影响力）。该平台允许创始人通过 @ @x（以前为Twitter）上的帐户直接发行自己的令牌。它试图颠覆传统的风险投资模型，并提供一个分散的，社区驱动的替代方案，使创作者和企业家可以采取主动权。

It all started with Ben Pasternak, a Web2 entrepreneur and Forbes “30 Under 30”. In January this year, he launched his own token $PASTERNAK through the Clout platform [14]. Its market value once soared to about $77 million, but due to technical problems - even if the conditions were met, the token could not “graduate” - the project eventually collapsed. [15]

这一切都始于Ben Pasternak，Web2企业家和福布斯“ 30岁以下30岁”。今年1月，他通过影响力平台启动了自己的代币$ Pasternak [14]。它的市场价值曾经飙升至7,700万美元，但是由于技术问题 - 即使满足条件，代币也无法“毕业” - 该项目最终崩溃了。 [15]

In late April, the platform was officially renamed from Clout to Believe, and the core focus shifted from "individuals" to "creativity and projects", truly moving towards the direction of ICM. $PASTERNAK was gradually phased out, and the platform also launched a new core token $LAUNCHCOIN. The development of

4月下旬，该平台正式从影响力重新命名为“信仰”，核心重点从“个人”转变为“创造力和项目”，真正朝着ICM的方向发展。 $ Pasternak逐渐被淘汰，该平台还推出了新的核心令牌$ Launchcoin。发展的发展